Embracing Minimalism, Financial Independence, and Travel Adventures

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This chapter explores the journey of transitioning to a minimalist lifestyle and cutting back expenses to achieve financial independence. The speakers share their experiences of selling possessions, tracking expenses, and traveling through various locations in the US in an Airstream. From living in an airstream to settling in their off-grid property in southern Arizona, the chapter also touches on building a small house for a customized living space and emphasizes self-sustainability.

In this week’s episode, Patrick Donley (@JPatrickDonley) sits down with Steve Adcock to learn about how he quit his job at 35 after achieving financial independence to pursue a life of adventure. You’ll also learn about the primary habits of millionaires, what kind of investment strategy he recommends, how he handled a $200,000 drop in his portfolio during the pandemic, what his lifestyle is like now in “retirement”, and much more!

Steve Adcock runs Millionaire Habits, a resource dedicated to making you smarter about money. Every week, he publishes content designed to help you take full control over your life and achieve everything you’ve ever dreamed of.

Steve travelled 3 years in an Airstream and now lives off the grid in the Arizona desert. He’s been featured in publications like CNBC, Forbes, Business Insider, and MarketWatch.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:32 - What were some of the early money mistakes Steve made.

06:04 - What the impetus was for writing Millionaire Habits.

08:09 - What is the Trinity Study and why it’s important to understand the 4% rule.

11:50 - What kind of investment strategy Steve recommends.

14:19 - How the traditional indicators of success can become a trap.

17:31 - Why Steve and his wife decided to sell everything to live in an Airstream full-time.

23:19 - What it was like moving off-the-grid.

26:03 - How much Steve had saved before leaving his W-2 job.

35:19 - What the advantages to marrying later in life are and why picking the right partner is so important.

41:33 - How Steve handled a $200,000 drop in his portfolio during the pandemic.

45:10 - How Steve and his wife handle health insurance.

52:19 - What books influenced Steve in his own quest for financial independence.

55:58 - What Steve’s thoughts are on buying vs. renting.

58:03 - Why early retirement can be associated with an early death.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Check out: The Millionaire Next Door by Dr. Thomas Stanley.
Check out: The Psychology of Money by Morgan Housel.
Visit: Millionaires Habits by Steve Adcock.
Check out the books mentioned in the podcast here.

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